In dealing with a rapidly evolving regulatory environment, insurers should now consider enhanced reporting requirements for Solvency II, which affects the volume, frequency, timeliness and complexity of financial reporting. The new requirements have a direct bearing on how insurers handle data, processes, methodology and organization.
A synchronized, integrated approach to financial reporting can help insurers address new requirements. Ultimately, insurance firms should be thinking strategically about the overall architecture and framework of their closing and reporting function. The final objective should be a “smart factory” for producing regulatory reporting in a way that is lean, rationalized and reliable. Beyond compliance, improved reporting can support the overall performance of the organization.